Protect Your Children’s Future: Exploring Life Insurance Options for Kids

As Illinois parents, we work hard to provide for our children. But have you ever stopped to consider what would happen if the unthinkable occurred and your child passed away unexpectedly? No one wants to imagine such a scenario, but it is important to plan for the future.

Green Family Insurance Inc. offers life insurance policies for children, and buying them is relatively easy. According to insurance professionals, providing life insurance coverage for minors is a smart way to help your child in the future, especially if you have a child with a medical condition or a high-risk child.

What types of life insurance policies are available for children?

Generally, there are two types of life insurance policies available for children. These are term life insurance policies and permanent life insurance policies. Term life insurance policies have a limited term and a lower premium than permanent ones. On the other hand, permanent life insurance policies have higher premiums, but they guarantee protection throughout your child’s life.

What are the benefits of purchasing life insurance for your children?

Aside from gaining financial security, purchasing a life insurance policy for your children also helps build their financial security. These policies gain cash value, which has the potential for growth over time. This means that your child can have a valuable financial asset in the future that can be used for college tuition or a down payment on their first home.

Give Us A Call

Purchasing life insurance for your children may seem like an added expense, but it is a smart investment to help secure their future. At Green Family Insurance Inc., we specialize in family and child-oriented insurance policies for our Illinois neighbors. Contact us today to discuss your options for children’s life insurance coverage.

How much life insurance is enough?

Everyone knows they should have life insurance, but having said that, not everyone does have it. There are many reasons for that, but one is that people don’t know how much life insurance is enough. When in doubt, some people opt out. This is not a good choice. Having an independent insurance agent you know and trust can show you how much easier it can be to acquire insurance. At Green Family Insurance Inc. in Illinois, we make it our business to get to know our customers to help them make the right decision about life insurance.

To determine how much life insurance is enough, you have to know what your needs are and will be. How much life insurance you might need in the next five years is not necessarily how much you need over the next 20 years. 

Who counts on your income? If you are the only one you need to take care of at this time in your life, you don’t need a lot of life insurance, if any. You need to make sure any debt you may have, and your final expenses are provided for. 

It would help to consider how many years of income you will need to replace. What is the age of the person who counts on your income? If you have young children, it could be a very long time. 

Another critical factor is what your income is. If you earn $30,000 a year, you are replacing a lot less than if you earn $200,000. You need to multiply the number of years by your yearly income. This is the amount of life insurance you need.  

Contact Green Family Insurance Inc. in Illinois with your life insurance questions and needs. 

Why should I get life insurance in Illinois?

Anyone that lives in Illinois will have different personal insurance needs. A type of insurance that all people need to think about getting is life insurance. There are a lot of reasons why someone here should obtain a life insurance plan in this state. 

Insurance Gives Financial Protection to Dependants

People here will need to have life insurance because it can give financial support to those who rely on you. When there are people that rely on your income for living expenses, you need to make sure that they have financial protection in the event you passed away. Even if you do not have specific dependents, ensuring that your loved ones can handle end-of-life expenses is also important. When you get life insurance, you can create a plan that will protect your loved ones’ needs.

Insurance Can Add to a Financial Plan

It would be best if you also considered getting life insurance to add to your financial and investment plan. Investing and planning for your future is essential. A great way that anyone can do this is with a whole life insurance plan. While this type of life insurance, you will receive an investment benefit on top of your life insurance benefit. This makes it a good conservative investment option that people should consider. 

Picking a life insurance plan in Illinois is a big decision. When you are looking for a new life insurance plan here, it would be wise to speak with the team at Green Family Insurance Inc. When you call Green Family Insurance Inc., you can learn a lot about the different life insurance options that you have. We can also give you the guidance needed to build a plan that is ideal for your situation. 

Three advantages of term life insurance

Life insurance is an essential product to invest in to protect your family’s financial future. Green Family Insurance Inc. provides numerous life insurance options that allow Illinois families to meet their financial needs.

The following are three advantages to be aware of that you can enjoy by purchasing a term life insurance policy.

Term life insurance premiums are generally less expensive than whole life insurance premiums.

If you compare premiums for term life and a whole life policy, you will note that term life insurance premiums are typically more affordable.

That’s because term life insurance policies don’t accumulate value over time and only compensate you if you pass away unexpectedly during the policy term. This setup is typically ideal for young families who need a substantial death benefit in the case of an untimely death more than they need accumulated savings. 

Term life insurance policies offer flexibility.

Term life insurance typically offers more flexibility and options than whole life insurance. You can choose between varying death benefit amounts. You can also choose between different term lengths, depending on your unique needs.

Term life insurance policies are good for adapting to changing life insurance needs over time. 

Your life insurance needs are likely to change over time. They’ll vary due to factors like your dependents becoming financially independent or the value of your assets accumulating over time. 

Term life insurance is ideal for changing needs because these policies are typically temporary. You can choose a term that’s as short as one year in some cases. Then, you can reevaluate your needs after the term is up and select a different policy down the road. 

To learn more about term life insurance, get in touch with us at Green Family Insurance Inc. We’re here to assist you with your life insurance needs in Illinois.